What I hear from Sprint’s advisors is that anti-trust concerns might make any T-Mobile (DT’s U.S. wireless asset) and Sprint link-up a very difficult deal to get done.

While AT&T and Verizon dominate the U.S. wireless arena, a merger of T-Mobile and Sprint, the number three and four players could be a tough one to get past the Obama administration’s anti-trust enforcers.

One scenario involving Sprint and Deutsche Telecom that does make sense involves Clearwire- the Wimax company 51% owned by Sprint that still needs billions of dollars to complete its build out. T-Mobile needs spectrum to start offering a 4-G wireless service and Clearwire has spectrum. While a buyout of Sprint by DT is somewhat hard to imagine, an investment from DT into Clearwire is not a stretch at all.